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Consolidation Student Loans
- If I go back to school, can my Consolidation Student Loan payments be deferred?
No, deferment is not allowed on a Consolidation Student Loan.
- Is there a grace period on loan payments?
There is a 10-day grace period after the due date.
- What if I run into a problem in the online loan application?
Use the help available throughout the online loan application or contact us at 1.877.519.7507.
- Is it possible to have my co-signer removed/released from the Consolidation Student Loan?
Yes, if you qualify, your co-signer can be removed after 48 consecutive months of on-time payments.
- I have signed my promissory note, but how does my cosigner sign?
Your cosigner will need to go to the online loan app and create a user name and profile. Once signed in, your cosigner will be given instructions on how to sign his/her portion of the promissory note.
- How can I sign my promissory note?
The fastest way is to sign electronically. You also can download and print the promissory note, then sign and mail it to the address provided.
- When will interest begin to accrue on my loan?
Interest begins to accrue as soon as funds are disbursed.
- What is my estimated payment?
You can refer to your Approval or Final Truth in Lending disclosures for your estimated payment. CEFCU will send you a letter after funds have been disbursed. The letter will show your starting balance, monthly payment amount, and when it is due.
- What is the term of my repayment?
The maximum repayment term is 12 years and a minimum monthly payment of $75. There is no penalty for paying your loan early. Have your payments automatically deducted, and you can receive 1/2 percent discount.
- How much can I borrow?
You can borrow a minimum of $5,000 and a maximum of $80,000.
- Am I eligible to apply for the Consolidation Student Loan?
In addition to being a CEFCU member, you must meet credit requirement qualifications applicable at the time the loan is reviewed. In addition, you must be a U.S. citizen/national or eligible non-citizen.
If you are a foreign student, you must have a co-signer who is a U.S. citizen or permanent resident with a mailing address in the United States and a valid Social Security number.
- What types of loans can I consolidate?
You can consolidate any private and federal student loan in your name.
- Can I apply for consolidation if I'm still enrolled in school?
No, only those who are no longer students are eligible to apply.
- How long will it take for my loan to disburse after I apply?
It depends on how quick you complete your application and provide required documentation. Once all documents are signed and supporting documentation is provided, the application will be processed in 24 to 48 hours.
Track scheduled disbursements through the Loan Details in the Home tab.
- Once my loan is approved, what are the next steps?
The process can take several weeks.
- Provide statements for the loans you want included in the consolidation loan. You will receive an email or letter describing what is needed or find the list in the Missing Documents tab.
- Review and accept the Approval Truth in Lending Disclosure, which is sent when loan statements are received and processed. Then you will receive a Final Truth in Lending Disclosure with a three-day Right of Rescission. When this period has elapsed, we will send the payoffs to your current loan holder(s).
- Track scheduled disbursements on the Home tab Loan Details link.
Then payoffs will be sent to current loan holder(s), and CEFCU will send you a letter letting you know when/where your first payment is due.
- What is the interest rate on my loan?
Consolidation Student Loan rates are variable, and they could adjust quarterly. They are risk-based, so the rate depends on your credit score.
Find the interest rate and any fees by clicking the Home tab then clicking Loan Details. These are also found on your Truth in Lending disclosures.
- What documentation will I need to provide?
You will need to provide a current statement for each of the loans you wish to consolidate. We also may request a copy of documents, such as driver's license or a current paystub. Refer to the Missing Documents tab to see what documents are needed.
- When will my first payment be due?
CEFCU will send you a letter after the funds are disbursed. Your first payment will be due 30 to 45 days after the payoffs are sent.
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